Smartsheet traders look to defend ongoing uptrend in a day time following Friday's losses

A quick look at Friday: the US software company has recovered almost all of its session losses after dipping down to $48.16 Friday.

Smartsheet Inc. made an initial break below its 3 day Simple Moving Average at $48.91, a possible indication of a forthcoming negative trend. Despite this, Smartsheet could begin to recover as it approaches significant support, now 76 cents away from $47.85. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts Smartsheet to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the US software company is expected to attract significant bearish sentiment in the coming days.

On the other hand, positive performances could be seen by looking at other technology stocks as IBM traded at $132.42 after closing Friday's trading day at $129.82 (up 2%). Accenture plc Class A (Ireland) added 2.03% to its value, and traded at $311.39. Adobe traded at $436.37 after closing Friday's trading day at $426.75 (up 2.25%).

Furthermore, United States ISM Non-Manufacturing PMI (May) is scheduled for tomorrow at 14:00 UTC. United States Services PMI figure is projected at 55.1. It previously stood at 55.1; data will be released tomorrow at 13:45 UTC.

The stock has been trending positively for about 28 days. Approximately 4 days ago, the project management software company reached a significant high of $49.58 but has struggled to hold onto its gains and declined 1% since then.